Indiana and Illinois have recently joined the growing number of states enacting legislation aimed at reforming public adjuster practices. These measures are designed to enhance consumer protection, increase transparency, and regulate the activities of public adjusters within the insurance industry.
Primary and excess insurance carriers and their counsel need to pay close attention to a new Texas Supreme Court case Exxon Mobil vs. National Union Fire Insurance Company of Pittsburgh Pennsylvania and Starr Indemnity & Liability Insurance Company, Supreme Court of Texas, Case No. 21-0936.
Inflation, supply chain issues, increased catastrophic losses from climate change, and higher and higher nuclear verdicts mean that insurance carriers are facing higher loss costs and loss ratios to their premium dollar.
Montana has enacted a new law aimed at imposing restrictions on third-party groups involved in financing civil litigation. The measure was signed by Governor Greg Gianforte on May 5.
In 2021, analysts with McKinsey & Company listed artificial intelligence (AI) among five tech trends predicted to transform insurance over the next decade. Yet it is likely even the experts at McKinsey had no idea how far -- and how fast -- AI would mature.
To bolster innovation, insurers are turning to a technology that, in its short lifetime, has already created massive changes in business and the world. Generative AI, a type of artificial intelligence that can create content, rather than simply analyzing existing data, has been at the core of experiments in trying to optimize insurer processes, predict risk and develop customized policies for individual customers.
The Louisiana House approved a bill Thursday that would let insurance firms set their own rates without approval from the state’s insurance commissioner -- one of several controversial insurance proposals on deck as lawmakers try to mend the state’s fractured marketplace.
A powerful tornado ripped through the unincorporated community of Laguna Heights near the southern tip of Texas, claiming the life of one person and causing significant damage to residences in its path. The tornado struck before dawn on Saturday, catching residents off guard and leaving a trail of destruction in its wake.
A woman from Coral Gables found herself caught in an insurance scam after an alert witness helped authorities unravel her deceitful plot. Silvia Maria Almeida, along with her passenger, Milton Yunielki Acosta, attempted to deceive the police by falsely reporting a collision between her black Mercedes-Benz and a pickup truck in Hialeah Gardens. However, their inconsistencies and a witness’s intervention exposed their fraudulent scheme.
Nuclear claims are no longer limited to big cities or specific states. Every jurisdiction now has the potential to host cases with eight- or even nine-figure verdicts, a trend driven by increased litigation funding, the need for tort reform, and social inflation exacerbated by attorney advertising and anti-corporate sentiment.
Goldman Sachs has agreed to pay $215 million to settle a long-running class-action lawsuit accusing the Wall Street bank of paying women less than men.
Unemployment insurance programs managed by Rhode Island have been plagued by an astonishing $121 million in fraudulent activity since the onset of the COVID-19 pandemic, according to recent court documents.
The National Flood Insurance Program may undergo significant transformations as Congress deliberates 17 proposed changes, aiming to enhance the program’s effectiveness and affordability, particularly for low-income homeowners.
Navy SEALs are the ultimate team. They accomplish almost impossible feats through precision teamwork. While each SEAL is a formidable fighting machine, it’s the team that does fantastic things.
Colorado, currently ranked as the nation’s top state for auto thefts, took a significant step towards addressing the issue on Saturday as state lawmakers passed a bill aimed at curbing this alarming trend.
